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Earnings Per Share
 6 Months Ended
Jun. 30, 2021
Earnings Per Share  
Earnings Per Share

Note 12 — Earnings Per Share

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Basic earnings per shares are calculated by dividing net income (loss) by the weighted-average shares of common stock outstanding during each period, excluding non-vested restricted shares. Our diluted earnings per share are based on the weighted-average shares of common stock outstanding during each period plus the maximum dilutive effect of common stock issuable upon exercise of stock options or vesting of restricted shares. Stock options and unvested restricted stock units are considered to common stock equivalents and are only included in the calculation of diluted earnings per common share when their effect is dilutive. The weighted-average number of shares and equivalents are determined after giving retroactive effect to stock dividends and stock splits.

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The following table sets forth the computation of basic and diluted earnings per common share:

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Three Months Ended

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Six Months Ended

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​

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June 30,

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June 30,

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(Dollars and shares in thousands, except for per share amounts)

    

2021

    

2020

    

2021

    

2020

 

Basic earnings (loss) per common share:

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​

    

​

​

    

​

​

    

​

​

    

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Net income (loss)

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$

98,960

​

$

(84,935)

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$

245,909

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$

(60,825)

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Weighted-average basic common shares

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​

70,866

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​

43,318

​

​

70,937

​

​

38,439

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Basic earnings (loss) per common share

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$

1.40

​

$

(1.96)

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$

3.47

​

$

(1.58)

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Diluted earnings (loss) per common share:

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​

​

​

​

​

​

​

​

​

​

​

​

Net income (loss)

​

$

98,960

​

$

(84,935)

​

$

245,909

​

$

(60,825)

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Weighted-average basic common shares

​

​

70,866

​

​

43,318

​

​

70,937

​

​

38,439

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Effect of dilutive securities

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​

543

​

​

—

​

​

508

​

​

—

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Weighted-average dilutive shares

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​

71,409

​

​

43,318

​

​

71,445

​

​

38,439

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Diluted earnings (loss) per common share

​

$

1.39

​

$

(1.96)

​

$

3.44

​

$

(1.58)

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The calculation of diluted earnings per common share excludes outstanding stock options for which the results would have been anti-dilutive under the treasury stock method as follows:

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​

​

​

​

​

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​

​

​

​

​

​

​

​

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Three Months Ended June 30,

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Six Months Ended June 30,

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(Dollars in thousands)

    

2021

    

2020

    

2021

    

2020

 

Number of shares

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​

​

​

​

62,235

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​

​

​

​

296,178

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​

​

    

​

62,235

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​

​

​

​

296,178

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Range of exercise prices

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$

87.30

to

$

91.35

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$

16.66

to

$

91.35

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$

87.30

to

$

91.35

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$

16.66

to

$

91.35

​

​